St. Joe shares jump more than 9%

AlistairBarr

SAN FRANCISCO (MarketWatch) -- St. Joe Co.
JOE, +0.26%
shares jumped more than 9% Monday after CNBC reported that the Florida land company's largest shareholder is planning a shake-up. Bruce Berkowitz, head of Fairholme Capital Management, wants to remove St. Joe Chairman Hugh Durden and three other directors and make himself chairman and Charles Fernandez, president of Fairholme, vice chairman of the board, CNBC said. Fairholme also plans to hire a financial advisor to explore possible bolt on acquisitions and/or joint ventures for commercial and residential real estate development, CNBC added. A deal to lease 41,000 acres of timberland is close to being signed and will generate between $80 million to $100 million for St. Joe over a twenty year period. Much of the money from the deal will be paid up front, providing cash for acquisitions and joint ventures, CNBC explained. St. Joe shares gained 9.1% to $29.52 in morning action Monday.

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